In an announcement published on its blog, Facebook said it will be updating its Prohibited Financial Products and Services Policy. This policy was updated in January and implemented a blanket ban on all crypto adverts. In the changes, Facebook will now permit some adverts for cryptocurrencies, but not Initial Coin Offerings (ICOs) or Binary Options.
Standing Alone with Crypto
Back in January, Facebook stood with other advertising giants – such as Google, Bing, and Twitter – and implemented a blanket ban on all crypto ads. However, it is the first of the major platforms to repeal the ban and allow crypto related adverts to be shown to its users. The move to start accepting crypto ads again has delighted the crypto community, with many users of the social media network pleased that crypto ads will be accepted and more regulated.
Tougher Restrictions for Advertisers
Advertisers now face a tougher set of criteria for their crypto related adverts to be displayed. There is a lengthy form for anyone who wishes to advertise cryptocurrencies. The social media giant wants to know specifics, such as the kind of services companies wishing to advertise offer. For example, the form asks why the company is applying to advertise, if the company has the necessary licenses to operate in crypto, and if the company is publicly listed on any exchanges.
In the blog post, Facebook said they will be constantly reviewing these tougher restrictions in order to prevent scammers and fraudulent companies from displaying adverts to the Facebook community. It has also published a legal addendum, which outlines its policy towards crypto ads.
Looking Out for Its Users
Facebook has always valued its users best interest and safety whilst encouraging its users to report any ads they feel are violating the new advertising policies. “It’s important that we continue to help prevent or remove misleading advertising for these products and services. So please continue to report content that violates our Advertising Policies by selecting “report ad” in the upper right-hand corner of any advertisement,” Facebook said in an official statement.
New Marketing Avenues
Crypto firms can now start including the lucrative Facebook platform into their marketing plans. With Facebook’s hyper-targeted advertising options, crypto companies now have access to a very powerful tool to bolster their marketing strategies. This also plays into the hands of crypto fans, as people who show an interest in crypto will see relevant and safe adverts for crypto platforms. In theory, this should help the crypto industry, and increase the number of people subscribed to crypto related financial instruments, such as regulated ETFs.